Domestic companies routing their investments through Mauritius may soon have to pay capital gains tax. The tax authorities are pressing for checking the loopholes in the tax treaty with the island nation.
The Central Board of Direct Taxes (CBDT) suspects the government is losing large amount of revenue due to routing of investments by domestic firms through Mauritius. Capital gains tax is a levy on the profit from sale of assets, investments, capital accumulation, among others.
The law ministry is likely to finalise the Constitutional Amendment Bill on the Goods and Services Tax (GST) by next week. It will send draft of the Bill to the finance ministry which will share it with the empowered group of state finance ministers on GST for its feedback.
“We are discussing it (the Bill) with the law ministry. It is in the semi-final stage. Hopefully it will be ready by next week,” said an official in the finance ministry.
For students appearing in November 2010 examination, the amendments made by the Finance (No.2) Act, 2009, as applicable for assessment year 2010-11 are relevant.
Accordingly, the amendments in sections 44AA, 44AB, 44AD, 44AE and 44AF of the Income-tax Act, 1961 would not be applicable for the students appearing for the above-mentioned papers in November 2010 examination.
The government is set to fast track the process of updating and finalising accounts of public sector units in order to get a correct picture of their financial health before it decides a roadmap for them.
The department of public enterprises is considering a proposal to reduce the period of audit pendency for public sector undertakings (PSUs) to seven years, before their accounts are taken up for an finalisation.
The Centre is likely to offer a sweetener to goods that go out of the exempted list for excise once the goods and services tax (GST) kicks in next year.
While identifying the list of products that will go out of the 350-item list, the Union finance ministry is looking at levying a lower rate of tax under the new regime.
The high-level panel headed by Finance Minister Pranab Mukherjee, to sort out the inter- ministerial differences over the proposed mining legislation, is scheduled to meet on July 22, a top Mines Ministry official said today.
“The Group of Ministers on the proposed legislation will meet on July 22,” Mines Secretary Santha Sheela Nair told reporters. Last month, the government had formed a 10-member GoM headed by Mukherjee to resolve certain issues among different ministries in the proposed mining Act.
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